According to their co-chairman Kong Jianping, a company making Bitcoin mining hardware has posted sales of overheen 1.Two billion yuan (US$ 185.Two million) during 2018. This translates te a profit of a staggering 300 million yuan (US$ 46.6 million). Kong told Chinese media outlet Yicai Global that he anticipates Canaan Creative’s profits to reach Five billion yuan. This would mean they’d made sales of Ten billion yaun. However, the mining hardware chairperson did not specify a time framework for such a prediction.
Ejinsight, a domestic technology resource claims that Canaan Creative project to list its shares on the National Equities Exchange and Quotations stock exchange – an over-the-counter way of selling shares te public limited companies ter China.
Canaan Creative are one of the planet’s largest manufacturers of ASIC (application-specific integrated circuit) chips. Such components have bot tailored towards solving the sophisticated algorithms required to “unlock” the remaining Bitcoin of the total supply of 21 million. The company filed their rente te listing shares on the NEEQ ter August of last year.
Canaan Creative itself wasgoed founded te 2013 and according to Ejinsight, units they’d sold up until last April accounted for 22% of the global mining hash power on the Bitcoin network. Sales have bot steadily enhancing inline with surging rente te cryptocurrency since they began selling hardware chips designed for the purpose of mining. The local technology news source claims that of the 400 unique customers Canaan Creative have served, 97% of them are based te China.
However, with news of Chinese hostility towards the cryptocurrency mining industry and so many of Canaan Creative’s clients being located within the country, it seems hard to believe the projections of Kong. Recently the Chinese government have made efforts to squeeze Bitcoin miners out of their nation. Whilst the Beijing government has not expressly banned the practice, certain clampdowns on permitted electro-stimulation and land usage, spil well spil environmental regulation and tax collection, targets those engaging te the very profitable and hugely power consuming activity.
According to the Financial Times, spil part of their zakagenda against Bitcoin miners, a multi-agency task force has bot set up to aid companies from exiting the mining industry.
The clampdown on mining is not the only hostility the Chinese government have shown towards the cryptocurrency space. During September of last year, legislators there banned the innovative fund raising practice known spil initial coin offerings (ICOs). On top of this, several key exchanges also ceasing doing business te the 2nd half of 2018. Evidently, Bitcoin and cryptocurrencies are not presently seen spil being inline with Chinese economic interests.